Menu

Category: Income tax

Link your PAN with Aadhaar by March-end to avoid Rs10,000 fine

0 Comments

The Income Tax department might impose a penalty of Rs 10,000 on those who don’t link their PAN card with Aadhaar card within the deadline of 31 March 2020. The I-T department had earlier said that un-linked PAN cards will become inoperative if not linked with Aadhaar by March 31. If the PAN card becomes […]

CBDT issues clarification on — applicability of TDS provisions on Mutual Fund dividend

0 Comments

CBDT clarified that the Budget proposal of 10 per cent TDS will be applicable only on dividend payment by mutual funds and not on gain arising out of redemption of units. It was proposed to levy tax deducted at source ( TDS) of 10 per cent on dividend/income paid by a company or mutual fund […]

CBDT notifies Rule 6BBA and amended Rule 6DD : cash loan acceptance & repayment limit to Rs 10, 000 in aggregate ; expenses limit also reduced

0 Comments

The Department of Revenue (under Ministry of Finance) has reduced the cash loan acceptance and repayment limit from Rs 20, 000 to Rs 10, 000 in aggregate by notifying Rule 6BBA and amending Rule 6DD to include new payments method as non-cash payments for getting benefits/reliefs under various provisions of the Income Tax Act, 1961 […]

Govt can’t make PAN invalid if not linked to Aadhaar till SC judgement: Gujarat High Court

0 Comments

The Gujarat high court said a person’s Permanent Account Number (PAN) does not become invalid for filing income tax returns and making transactions just because it is not linked to their Aadhaar Card. The Gujarat High Court judgement states :“PAN of applicant shall not be declared inoperative and applicant would not be in default in […]

Direct tax collection growth falls 6.1% to Rs 7. 26 lakh crore

0 Comments

With not much time left to the union budget 2020, sources privy to the developments told CNBC-TV18 that direct tax collections between April to January 15 of this fiscal, have shown a negative growth of -6.1 percent. The figures become important as the union budget is on the anvil and direct tax collections are a […]

CBDT Extends Deadline Till Jan 31 to Apply For Compounding of I-T Offences

0 Comments

The CBDT has extended till January 31 the last date for taxpayers to avail a “one-time” facility to apply for compounding of income tax offences, an order issued on Friday said. The earlier deadline was December 31, 2019. The decision to extend the last date was taken in view of references received from field formations, […]

Businesses to Pay Rs 5000 Fine/Day for not Offering Digital Payment Facilities

0 Comments

With effect from February 1, businesses will be fined Rs 5,000 per day if they fail to accept payments through digital payment facilities, the Central Board of Direct Taxes (CBDT) said in a circular dated December 30. This will be applicable to companies with an annual turnover of over Rs 50 crore. The move is […]

Due date to link PAN with Aadhaar extended to March 31, 2020

0 Comments

The Central Board of Direct Taxes (CBDT) has extended the due date for linking of permanent account number (PAN) with Aadhaar from 31st December, 2019 to 31st March, 2020. The earlier deadline was Tuesday, December 31. This is the third time the due date has been extended. Please follow and like us:

Quoting wrong PAN, Holding more than one PAN can attract a Rs. 10,000 fine

0 Comments

The income tax department may impose a penalty under section 272B of the Income Tax 1961 if anyone is found giving an incorrect PAN number. This provision is applicable when you are filing your income tax return (ITR) or in other cases where it is mandatory to quote PAN card number for carrying out specific […]

Government slashes corporate tax for domestic companies

0 Comments

The government has slashed basic corporate tax rate to 22% from 30% while for new manufacturing companies it has been cut down to 15% from 25%. Making the announcement, Finance Minister Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1. Here are some of the […]

Social media & sharing icons powered by UltimatelySocial
Contact now.
close slider